Full text of Federal Reserve Bank of New York Circulars : 10251. Collection on Notes, Drafts, and Certificates of Deposit as Noncash Items

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No. 1 0251
July 26, 1988

]

COLLECTION OF NOTES, DRAFTS, AND
CERTIFICATES OF DEPOSIT AS NONCASH ITEMS
First Supplement to Operating Circular No. 6

To All Depository Institutions in the Second
Federal Reserx'e District, and Others Concerned:

Beginning August 1, 1988, this Bank will handle as noncash items, under the provisions of
our Operating Circular No. 6, notes, drafts, and certificates of deposit. This change represents an
expansion of our noncash collection services, to provide more comprehensive collection of time
items. Prior to this change, the only time items that were eligible for collection through this Bank
were commercial paper and bankers’ acceptances. Appendix D to Operating Circulator No. 6 con­
tains the requirements for the deposit of time items for collection.
Enclosed is a copy of the First Supplement, effective August 1, 1988, to Operating Circular
No. 6, which reflects this change.
Questions on this matter may be directed to Cathy Marzi, Manager, Safekeeping Department
(Tel. No. 212-720-7726).
E.

G e r a l d C o r r ig a n ,

President.

Federal Reserve Bank
of IWew York
First Supplement to
Operating Circular No. 6
(Revised effective October 1, 1987)
Effective August 1, 1988

COLLECTION OF NONCASH ITEMS
Notes, Drafts, and Certificates of Deposit
To A ll Depository Institutions in the Second
Federal Reserve District , and Others Concerned:

Effective August 1, 1988, paragraphs 4(a) and 6 of Operating Cir­
cular No. 6, and paragraph 2 of Appendix D to that operating circular,
are amended as follows:
1. Paragraph 4(a) is amended by deleting the word “and” at the end
of subparagraph (i); by changing the period to a semicolon, and adding
the word “and,” at the end of subparagraph (ii); and by adding the fol­
lowing subparagraph (iii):
(iii) A note, draft, or certificate of deposit.

2. Paragraph 6 is amended by deleting subparagraph (e) thereof, and
by redesignating the subsequent subparagraphs accordingly.
3. Paragraph 2 of Appendix D to Operating Circular No. 6 is
amended to read as follows:
2. An item that we handle as a noncash item under Operating Circular No. 6
is eligible for collection if it is: (i) commercial paper, (ii) a bankers’ acceptance
payable by, at, or through a participant, or (iii) a note, draft, or certificate o f de­
posit.

E. G erald Corrigan,

President.

[Enc. Cir. No. 10251]